The Portland daily press., 1887-08-25
THE CONCORD FIGHT.
Two Railroad Bills Reported In the
House Yesterday.
A Majority of the commi ttee Favors
the Boston & Maine.
What the Minority Have to Say About
the Measures.

tne Boston * Maine.
What the Minority Have to Say About
the Measures.
CONCORD, N. H., Aug. 24.-In the House
today the majority and minority reports of
the railroad committee on. the Hazen and
Atherton bills were presented with a new
draft of bills. The Hazen bill was reported
by majority of the committee. The legis-
lation arose from the lease of the Boston g.
Lowell road to the Boston & Maine. As
the Concord road is leased to the Lowell, the
Concord stockholders object to the lease.
The Hazen bill seeks to approve the lease to
the Boston q Maine, and the Atherton bill
seeks to unite the Concord and Boston, Con-
cord & Montreal roads in a new corporation,
and to effect lease of the Northern road to
this new corporation.
The majority report bears upon the history
Of railroad law in the State, and reviews the
previous legislation which made it necessary
to prepare the Hazen bill in order that the
lease might be confirmed.
The report in conclusion says: "There-
fore. after examining the laws of various
States in regard to railroad connections, and
carefully considering this matter, we have
incorporated as an amendment to this bill
provisions of Massachusetts, statutes which
we believe to be an adequate remedy Rates
Tor fares and freights existing at the time of
the passage OF the amendatory acts on any
railroad within the State are never to be in
creased. Local passenger fares on roads al
ready constructed are not to exceed three
cents per mile, except on mountain and
summer roads, and railroads with certain
limited exceptions are to sell mileage tickets
for 1000 miles at two cents mile good to
bearer"
The question of the effect of the lease up
on the interests of the State as viewed by
the:minority of the committee, lis discussed
In their report, in which they say:
The Atherton and Hazen bills have one
leading feature in common. Both provide
Tor the protection and compensation of dis
senting stockholders under the act of 1883
providing for the leasing and union of ply
SIcally connecting railroads in this State
rms is rendered necessary by the decision
OF the supreme court rendered March IL,
1887, declaring void the lease of the North
ern Railroad to the Boston & Lowell Rail-
ROAD, made June Is, 1884. In addition to
tnls, said 6llls are common in their provis-
ions forblddlng any increase of passenger
iares or freights rates as such fares and
frelghts now exist. A third feature, COM
mon to both bills, is a provision forbiddng
any foreign corporation from leasing, own
ing or operating any railroad within this
State, except as has heretofore been author
lied by the Legislature by special act.
The Atherton and Hazen bills differ in
several important respects. The Atherton
Dill seeks to unite the Concord and the BOs-
ton, Concord d Montreal Railroads in new
corporation, and to effect a lease of the
Northern Railroad to said new corporation
on nDeral terms. thus forming distinct and
continuous New Hampshire system. The
Atherton bill also provides that the maxi
nlum aham passenger fare throughout the State
snail not exceed three cents per mile, GER
TAIN summer roads excepted, and that the
maximum fare on the Concord, Boston q
Maine, Manchester & Lawrence and sew
eral otner roads shall not exceed two and
one-half cents per mile.
The main question presented by these two
bills, aside from the important differences al
ready pointed out is this: 'Shall the Concord
Railroad or the Boston and Maine Railroad
be given the possession, control, revenues
Hampshire lying north of Concord embrac-
ing thre e-fourths of the territory of the State
and one-third of its entire population and
value?' The Boston and Maine Railroad now
controls and operates 65l miles of railroad
in this State in a total of 1043 miles. If it
obtains control of the Concord Railroad, as
It plainly seeks, it will control and operate
$50 miles, in total of 1043 miles. This |
would be the substantial absorption of the |
railroads OF New Hampshire into one sys- |
tenn, carving with it such denomination of |
sway In New Hampshire Imperial. II would |
be as if in our neighboring State of Massa- |
chusetts the following distinct railroad sys- |
TENS, embracing a mileage proportioned to |
that held by the Boston and Maine in New |
should be combined in one sys-
tenn, to wit The Boston and Albany, the Bos- |
ton and Lowell, the Boston and Maine, the |
Boston and Providence, the Eastern, the |
the New York and New England, |
the Old Colony, the Connecticut River and
p
railroad that has terminals in Boston. AS
such proposed combination as this in Mas
sachusetts would arouse instant and intense
hostility throughout that Commonwealth,
why should the people and Legislature of
New Hampshire be less hostile when pro-
portional combination actually confronts
this Legislature in the proposition to adopt
the Hazen bill, under the operation Of which
the Concord railroad Must, in few years at
most, be compelled to yield to hostile forces
reare
aside from the 641 miles of railroad actu-
ally controlled in this State by the Boston &
Maine, it controls and operates in Massachu-
additional, making total of about 1900
miles, extending over large portion of four
of the New England States, representing
every degree of productiveness and barren
ness in railroad property. If the Maine Cen
trail railroad should be included in the Bos-
ton q Maine mileage, as it should on the
score of ownership, the Boston & Maine al
ready equals in continuous mileage ii notsin
capital any railroad TX England, Scotland or
ireland: The entire length of the Concord
railroad system is 139 miles, and ifto this
should be added the Northern & Boston, Con-
cord Il Montreal railroads, the entire length
of the Concord railroad system almost
wholly within the State would be only 3S7
miles; The Concord Railroad not only has
no debts. but it has an acquired property
three times greater than its capital stock of
$1,500,000. The Boston d Maine Railroad
sy stem as now constituted has a capital
stock and liabilities closely approximating
$10O,oOO,ooo. BY the terms of the lease Of
Maine. the combined annual gross earnings
from all sources whatsoever of these roads
and their leased lines must be applied for
long term Of years to the payments of div
idends and the extinction of the debts of
these corporations. The Indebtedness alone
Of the Eastern ana Boston & Maine is up
wards Of $20,000,C00, while S5,C00,OO0 of
Eastern capital stock awaits dividends yet
to be earned. Should the lease of the Bos-
ton, Concord Montreal Railroad to the
Boston & Lowell Qtself leased to the Boston
o. Maine) be successfully authorized as
sought by the Hazen bill, even the reduction
Of the interest on the Indebtedness of the
New Hampshire roads, which will soon be
practicable at saving in the fixed charge of
$4,000 annually, would so far relieve the
amount Of the guaranty provided in the
Boston. Concord & Montreal lease, and
thus inure to the payment of divi-
dends and debts Of the Boston & Maine and
Eastern corporations by the express terms
and conditions of the aforesaid leases. 1t is
too palpable for argument that the Concord
Railroad, without any debt and with a GER
tain annual surplus of at least 100000 above
the $150,000 required for its own dividends,
is in a most favorable position to carry out
the pledges of reduction in rates and new
construction contained in the Atherton bill,
while the Boston d Maine, by the very terms
Of the extraordinary contract lease of the
Eastern, win be utterly incapable for long
years to come, even if it had the disposition
to carry out any similar pledges therefore,
none are to be found in the Hazen BILL 1t